Surgical simulation market is forecasted to generate revenue of $608.3 million by 2023, according to P&S Intelligence.
The market growth is mainly driven by technological advancements, growing geriatric population, and rising number of surgical procedures performed globally.
Insights on market segments
The surgical simulation market includes endoscopic, laparoscopic, cardiac, gynecological, arthroscopic, neurological, and other simulators. Of these, the fastest growth in the market during the forecast period is expected from endoscopic simulators. The market for this category is majorly driven by the growing popularity of endoscopic surgeries leading to increased adoption of simulators to train for endoscopic surgeries.
The surgical simulation market also includes educational, training, and other services. Of these, the market for educational services is expected to showcase the fastest growth during the forecast period, at a CAGR of more than 15.0%, on account of the increasing adoption of surgical simulation solutions in healthcare organizations for educating medical students, surgeons, and other healthcare professionals on surgical skills.
During the forecast period, academic and research institutes are expected to be the fastest-growing end-user category in the surgical simulation market. Increasing adoption of surgical simulation solutions in academic and research institutions for training purposes is supporting the market growth of this category.
Browse report overview with 153 tables and 52 figures spread through 170 pages and detailed TOC on "Surgical Simulation Market by Offering (Products [Laparoscopic, Endoscopic, Neurological, Gynecological, Cardiac, Arthroscopic], Services [Educational, Technical]), by End User (Academic & Research Institutes, Hospitals, Surgical Clinics, Military Organizations), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/surgical-simulation-market
Market is expected to witness the fastest growth in Asia-Pacific (APAC)
During the forecast period, the surgical simulation market is expected to witness the fastest growth in APAC, on account of the increasing medical tourism and growing geriatric population in the region. Additionally, major players, as part of their business strategy, are investing in the untapped markets of the region, which, in turn, is contributing to the market growth.
According to a report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), approximately 12.4% of the regional population was 60 years or older in 2016, and this population of elderly people is expected to reach 1.3 billion by 2050. Since geriatric population is more susceptible to injuries requiring surgical interventions, as compared to younger people, the demand for surgical simulation products and services is expected to be high in the region in the coming years.
Collaborations between market players and healthcare organizations are boosting the market growth
Major players in the surgical simulation market are entering into partnerships with various healthcare organizations to introduce new simulation solutions. For instance, in January 2018, CAE Healthcare entered into an international training partnership with the American Heart Association (AHA) to establish a network of international training sites to deliver lifesaving AHA courses around the world. Currently, CAE Healthcare offers AHA courses, such as emergency cardiovascular care in basic life support, advanced cardiac life support, and pediatric advanced life support, in the CAE Brunei Multi-Purpose Training Centre in Brunei Darussalam.
Similarly, in 2017, CAE Healthcare and the Northern Alberta Institute of Technology (NAIT) entered into a simulation research partnership to improve healthcare education and safety and support NAIT’s simulation research initiatives.
Some of the other key players operating in the global surgical simulation industry are Mentice AB, Surgical Science Sweden AB, 3D Systems Corporation, Simulab Corporation, Limbs & Things Ltd., MEDICAL-X, Voxel-Man, VirtaMed AG, Sandor Medicaid Pvt. Ltd., and OSSimTech.
GLOBAL SURGICAL SIMULATION MARKET SEGMENTATION
Market Segmentation by Offering
Market Segmentation by End User
Market Segmentation by Geography